Will new multi-family buildings bring down SFH property values???

[Kent Meentemeyer]

I own 3 SFH in a suburb that has seen a major building spree of multi-family housing in the last 2 years. The schools in the area are currently some of the best in the state in a nice suburb. I bought these homes to rent to families that want the best schools for their children. Home prices are currently high in the area and I'm concerned now I may have made a mistake in paying top dollar for these homes. There is a public meeting next month on the newest project right by the schools. I'm concerned these new MFHs will lower the schools and my property values? Anyone have experienced this before?